Forex Growth Bot - My Favorite Forex Bot

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The Forex Growth Bot plan which had been introduced over a year ago has got a lot focus from both knowledgeable and completely new foreign exchange traders. Given that I have used it to trade for a while now, I'm, frequently sought for my review on this bot. I am utilizing this bot to trade and its my favorite as i have made some good results in my forex trading ever since i began utilizing it during the past year. What is this Forex Growth Bot essentially? Like many of the new forex items in the marketplace right now, it is a part of a new craze of forex applications or robots that help to automate foreign exchange trading. In this situation the bot is essentially a trend Expert Advisor or EA . It is suggested by the developer to run on EURUSD M15 and so it may be a bit limited if you are more enthusiastic to trade other currency pairs. Nevertheless, I am pleased with this foreign currency pair.

So what is the strategy that the Bot uses to trade? Unfortunately, like many other forex robots in the market, it's like a black box where no information is offered as to just how they arrive at a decision to buy or sell. So we would just have to theorize ourselves on the strategy. There is a volatility indicator running with two different periods and this will probably be the main factor for deciding the entry and exit points for buying and selling. This indicator which displays volatility will determine when a trend is considered to have started and the robot will then move forward to open up a position. Should the market turn around, then the position will be quickly closed. The bot will then wait for another situation with good potential profit.

Then, should the market move in the right direction as expected, the bot will start to add more positions. The new positions can be increased up to five times the original amount. In the real world, markets can retrace and the positions will not always run their course, but when they actually do trend, they could do it well allowing a great deal of lucrative transactions.

During the course of trading, the bot will occasionally close some of the positions and open others that I don’t quite understand why. It's like a kind of black box where we don't quite know how the results are made. But perhaps more important is that it has performed well. In fact it has done well both in backtesting and in forward testing. I have personally made profits and I am still utilizing the bot after a year.

When I first looked at the win ratio overall, I was not impressed being only about 40%, but I discovered that this is more than compensated by the simple fact that the typical income trade is more than two times larger than the typical loss. It’s typical of what you would want a trend-following bot to do.

I find that the number of trades opened would be an average of 1.5 trades per day. However, on some days, you may find no trade while other days you may get six trades or more. According to the developer, this is not intended to be a frequent trading bot. If you are the type who would like more action, you may have to try other bots like Million Dollar Pips which are more aggressive. However, I do find that compared to several other bots that I have tried out, there are more trades with this Forex Growth Bot.

Usually, I find that the average duration of the trades is about 12 hours. as such you can count on that most trades will be closed within a day. However, I have seen some trades that extend to over 3 days.

In this case, the opening positions are not restricted to any specific trading session. Trades are opened whenever the forex bot finds that the trading conditions are met all throughout the day and night.

The bot opens and closes its positions at the start of each bar. It doesn’t include a stoploss and take profit target. This is to prevent a broker who is out to get you from doing so. I personally find this an advantage. But , if you have problems with your internet connection, you may face a problem. A vps may help.

The bot complies with the no-hedging rules. It now offers the option that will allow you to enable compliance with FIFO. This is obviously essential if you’re using a US brokerage service that implements this FIFO rule and the majority of of them do.

As for configuration and settings, the Forex Growth Bot basic version does not have all the colorful configurations that some bots boast of. It allows you set the lot size manually and there are also parameters for controlling the volatility configurations.

If you are the type who would like to do more configurations yourself by hand, then you really should acquire the Forex Growth Bot advanced version. This edition gives you more alternatives for configurations such as Wave Trailing which is a form of trailing stop and more volatility settings. The advanced version also has a reinvest capital option. This is an advanced form of money management. Here you can increase your exposure with a specific amount of profit that you have made.

If you ask me the Wave Trailing parameter offered by the Forex Growth Bot advanced edition, is useful. It has been able to improve a bit on the profit as opposed to basic edition. Here you can see that trades that are profitable will be allowed to operate for a longer period and therefore in a position to obtain more earnings when this feature of Wave Trailing is enabled. However, some traders did find that there is a higher drawdown risk but most don't mind.

Concerning lot sizes, the plan lets you set up the quantity of lots by hand. You are asked to use 0.01 lots for balances below $250 and 0.1 lots for balances higher than $2000. Nevertheless, all this will depend on your choice and your tolerance.

The developer recommends running the robot just on the foreign currency pair EURUSD M15, but it can be run using additional pairs too. I believe you would get the best results are with the one proposed.